Bitcoin Surges as Trump Eyes Crypto Dominance

Bitcoin reached a record high, fueled by reports of Trump's social media venture purchasing crypto firm Bakkt. This move signals potential crypto-friendly policies under his administration, bolstering market sentiment. The excitement has propelled the global cryptocurrency market value to a new peak.

Bitcoin soared to an unprecedented high of over $94,000, amid developments about Donald Trump's social media company potentially acquiring crypto firm Bakkt. This news has spurred anticipation of a more crypto-friendly era under Trump's administration.

The Financial Times stated that Trump Media and Technology Group, known for Truth Social, is nearing a full-stock acquisition of Bakkt, backed by Intercontinental Exchange, the owner of NYSE. This potential move reflects Trump's personal inclination towards promoting cryptocurrency, leading to expectations of its prioritization once he takes office, according to Stéphane Ouellette, CEO of FRNT Financial.

Increased activity followed reports of Trump's private meeting with crypto exchange CEO Brian Armstrong, boosting market morale. The cryptocurrency sector has escalated since the November 5 U.S. election, with traders speculating a reduction in regulatory constraints.

(With inputs from agencies.)